Important Notes on National Income (Part-I)

The monetary value of all final goods and services produced by the residents of a country is called N.I.
N.I is calculated for a specified period normally a financial year. 
In India, The financial year means April 1st to March 31st of next year.  

National Income = C + I +  G + (x – M) 

C = Total consumption expenditure 
I = Total Investment expenditure 
G = Total Government expenditure 
X – M = Export- Import